Luxury Travel Market Growing – GlobalData

According to GlobalData, a data and analytics company, 400 million guests globally are expected to stay at luxury hotels by 2021 as luxury travel is increasingly becoming more appealing.

The company’s latest report: Tapping into the Luxury Travel Market reveals that the global number of guests staying at luxury hotels increased from 186.3 million (2009) to 306.3 million (2017) and is expected to reach 394.6 million by 2021.

According to the company, as the concept of luxury tourism is changing, so is the target audience for these holidays. Konstantina Boutsioukou, analyst, associate travel and tourism, GlobalData, expanded, “Luxury trips are no longer the preserve of upper middle class, high-net-worth individuals, and ultra-high-net-worth individuals as the choice and affordability of these holidays improves.”

The report also revealed that the number of millennial travellers and ultra luxury females, especially from Asia, continue to grow. Overall key trends this year can be characterised by the quest for authenticity, with a growing interest for adventure travel, health and wellness retreats, responsible travel and multi-generational travel.